Accredited Indian NGOs can now access funding from NRIs/PIOs through Impact Guru. By virtue of tie-up with Global Giving, the donors could now get tax exemption in the country of their residence. Impact Guru has entered into a strategic partnership with US and UK based Global Giving, the world’s first and largest non-profit crowd-funding platform.
India is home to the highest number of nonprofits in the world (33 lakh NGOs), and raises more than Rs. 8,500 crores annually from international donors. Tax incentives are often considered a crucial factor in encouraging philanthropy.
According to the Indian government estimates there are more than 60 lakh NRIs / PIOs residing in the US and UK alone. According to a research report by The Bridgespan Group, if the charitable contributions of Indian diaspora in US were consistent with those of other American households in similar income brackets, and if they directed 40% of their philanthropy to India, Rs 8000 crore additional funds could flow from such donors towards Indian social causes every year.
Social enterprises based in India are also eligible to either raise funds online or route their grants via Impact Guru. Beyond India, this partnership will also enable nonprofits and social enterprises across Southeast Asia (including Singapore, Hong Kong, Malaysia, Thailand, Philippines, Indonesia) to raise funds via Impact Guru.
Speaking on the partnership, Impact Guru’s co-founder and CEO, Piyush Jain said: “Having spent over a decade outside India prior to starting Impact Guru, we can relate to the desire of Indian diaspora to give back while obtaining local tax benefits, and their concerns around transparency of Indian NGOs. Impact Guru is thrilled to be partnering with Global Giving to address these gaps, thereby making us the platform of choice for crowd-funding by Indians globally.”
In the past, Impact Guru has executed a successful partnership with Fundnel, a Singapore based private investment platform. This collaboration strengthened the Indian platform’s presence in Southeast Asia. Since 2016, Impact Guru and Fundnel have helped mobilize over Rs 329 crores for various projects across 15 countries.
Impact Guru was also recently chosen as the official crowd-funding partner of Project Inspire, an initiative by Singapore Committee for UN Women and MasterCard that focused on creating a better world for women and girls in Asia Pacific. It raised approximately Rs 25 Lakhs from more than 1,100 supporters from over 30 countries in less than a month.